Natural Gas Moderates Near Four Dollars as Winter Supply Holds

Storage and Withdrawal Trends

EIA data shows the US entered the heating season with storage 4% above the five-year average. While December withdrawals were 28% higher than usual, the high initial inventory levels and robust production from the Permian and Appalachian basins have prevented a runaway price spike.

LNG Export Stability

Record flows to LNG export terminals (near 18.6 Bcf/d) are providing a firm structural floor for natural gas. This export 'pull' is expected to keep the Henry Hub benchmark above $4.00 for much of 2026 as international demand for US gas remains high.